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Courts Dismiss Export Practices Charges against Outokumpu Oyj
06/23/2011 - Finnish courts dismiss charges pressed against Outokumpu and five of its employees for alleged money laundering in connection with export practices to Russia.
The District Court of Kymenlaakso in Kouvola, Finland has dismissed all charges pressed against Outokumpu and five of its employees for alleged money laundering in connection with export practices to Russia during the period from 2004 to 2006. The Finnish State was ordered to pay a total of EUR 1.2 million in compensation.
In March 2007, Finnish Customs authorities initiated a criminal investigation into the Group's Tornio Works' export practices to Russia. The process of considering possible charges was completed in November 2010 and the public prosecutor concluded that the Customs authorities' suspicions regarding possible accounting offences and forgery were groundless.
Despite the public Prosecutor’s findings, the case was taken to court in March 2011 as charges were pressed against Outokumpu and five of its employees for alleged money laundering. On behalf of the state, the prosecutor also presented a claim for forfeiture of the funds subject to money laundering. This claim however, was dropped by the prosecutor during the court proceedings. The Court dismissed the rest of the claims in their judgment, which was handed down on June 22, 2011.
“We are very pleased that this case has finally been solved and that the Court came to the same conclusion that we have stated for years,” stated Corporate General Counsel Matti Louhija. “It has been difficult for us to understand why this process started in the first place and why it had to continue for so long. The case has been particularly hard for the people under suspicion and their families.”
Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use the company’s stainless steel and services worldwide. Outokumpu employs some 8000 people in more than 30 countries, and its head office is located in Espoo, Finland.
